Jun 20, 2021 - Economy

West African bloc plans to launch single currency in 2027

 President of ECOWAS Commission Ivorian Jean-Claude Brou speaks at Seme-Krake in Badagry district of Lagos, Nigeria's commercial capital on October 23, 2018.

ECOWAS president Jean-Claude Kassi Brou. Photo: Pius Utomi Ekpei/AFP via Getty Images

The 15-nation Economic Community of West African States (ECOWAS) announced plans Saturday to launch a single currency in 2027, called the "eco," per Reuters.

The big picture: The pandemic forced the bloc to "suspend the implementation of the convergence pact in 2020-2021," ECOWAS president Jean-Claude Kassi Brou said after a summit of the leaders in Ghana. It's hoped having a common currency will "boost cross-border trade and economic development," DW notes.

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